Investor Relations

The Cheesecake Factory®

The Cheesecake Factory® concept continues to be the key driver of our business today, generating the majority of our revenues. The Cheesecake Factory restaurants provide a distinctive, high quality dining experience at moderate prices. We offer an extensive, innovative and evolving menu in an upscale casual, high energy setting with attentive, efficient and friendly service. As a result, The Cheesecake Factory restaurants appeal to a diverse consumer base across a broad demographic range.

Our extensive menu and strategic selection of locations enable us to compete for substantially all dining preferences and occasions, from the key lunch and dinner day parts to the mid-afternoon and late-night day parts, which are traditionally weaker times for most casual dining restaurants, as well as special occasion dining. The Cheesecake Factory restaurants are generally open seven days a week for lunch and dinner, and we offer additional menu items for weekend brunch. The Cheesecake Factory menu features approximately 235 items, including items presented on supplemental menus, such as our SkinnyLicious® menu, which offers innovative items at 590 calories or less. We offer a broad array of options, including “Super” food choices and a selection of gluten-free items, as well as approximately 45 varieties of proprietary cheesecake and other quality baked desserts. All items on our menu, except alcoholic beverages where disallowed by regulation, are available for off-premise consumption. Sales through the off-premise channel comprised approximately 32% of our restaurant sales during fiscal 2021 as compared to 43% in fiscal 2020 as many customers have returned to on-premise dining, whereas consumer behavior had shifted towards the off-premise channel during the prior year period due to the pandemic. However, off-premise sales mix remains higher than the pre-pandemic level of 16% during fiscal 2019. We work with a third party to provide delivery service, which is now available at all of our restaurants.

All of our restaurants offer a full-service bar where our entire menu is served. Alcoholic beverage sales represented 11% of The Cheesecake Factory restaurant sales for fiscal 2021 compared to 9% in fiscal 2020 and 12% in fiscal 2019. These fluctuations were primarily due to higher alcoholic beverage incident rates associated with on-premise dining.

Our ability to create, promote and attractively display our unique line of desserts is also important to the competitive positioning and financial success of our restaurants. Our brand identity and reputation for offering premium desserts results in a significant level of dessert sales, representing approximately 19%, 21% and 16% of The Cheesecake Factory restaurant sales for fiscal 2021, 2020 and 2019, respectively. These fluctuations were primarily driven by the varying proportions of off-premise sales which generally carry higher dessert incident rates, as compared to on-premise sales.

The average check for each The Cheesecake Factory guest, including beverages and desserts, was approximately $29.30, $28.90 and $23.50 for fiscal 2021, 2020 and 2019, respectively. We account for each off-premise order as one customer for traffic measurement purposes. Therefore, a higher mix of off-premise sales produces a higher average check as most off-premise orders are for more than one customer. Fiscal 2020 average check reflects the impact of higher off-premise channel mix, as most of our restaurants shifted to an off-premise-only operating model at the beginning of the COVID19 pandemic and consumer behavior has shifted toward off-premise dining during the pandemic. The increase in average check from fiscal 2020 to fiscal 2021 reflects the impact of menu price increases, partially offset by lower off-premise mix as many customers have returned to on-premise dining.